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Gen Z knows how to make money when the going gets tough, and 2023 is looking like it’s going to be a tough year, indeed. With inflation still roaring and a global recession on the horizon, this young cohort will have to get extra scrappy to get by – and for many, social media will play a huge role in making money in the new year.
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According to a new report from Instagram, 64% of Gen Zers plan to make money with social media in 2023. What are some of the ways they can do this? Let’s have a look.
Monetizing the Metaverse
“Monetizing the metaverse can be achieved by creating virtual goods and services,” said Sam McGraw, founder and CEO of Design Hub.
“For example, gamers may create and sell virtual items, such as virtual clothes, furniture and weapons, and offer services like fast travel, custom builds and more. Additionally, monetization of a metaverse may be encouraged by incentivizing users to participate via rewards or virtual currency. This could be used to purchase goods and services or to level up their avatar.”
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Becoming an Influencer
This one’s a bit obvious, but hey — it holds up!
“Gen Z should think about upgrading their social profiles [if] they enjoy spending time on the internet and frequently create content,” said Carl Jensen, founder of Compare Banks.
“If they focus on a particular niche market, they can approach particular individuals by targeting their problem areas and producing more specialized content. As their fan base expands, they can begin experimenting with various kinds of content to determine which ones generate the most engagement, and sponsorships will begin to flow their way….